Kids & Family
Frankfort Village Board Cuts Property Tax Levy
The Village of Frankfort reduced the percentage of property tax it takes.
The Frankfort Village Board approved a decrease in the property tax levy for 2013.
"The village approved a total tax extension of $2,741,142, which is 4.01 percent less than the 2012 extension," according to a statement released on the action taken by the board during its meeting Monday night.
"If the assessed value of a residential property in Frankfort remains the same or decreases, the resident will pay less for the village portion of his or her property tax," according to the statement, which put the village's portion of a total property tax bill at about 5 percent.
Mayor Jim Holland said the village makes most of its money off sales tax. The village has pulled in $4.8 million so far in 2013, he said, and managed to do it with the lowest tax rate in the Chicago area.
"We can reduce the taxes because people shop in Frankfort," Holland said.
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